Title 07 Finance
Chapter 07.13 Credit Card, Alternative Payment Methods
Section 07.13.010 Definitions
- “Alternative payment method” means payment by credit cards, charge cards, debit cards, federal wire, automatic clearinghouse (ACH) system transactions, automatic withdrawal, online payment or any other commercially reasonable means of payment consistent with this chapter, as distinguished from traditional payment methods such as cash, check or money order.
- “Convenience fee” is a charge to a credit card, debit card or similar account holder for the convenience of making payment through an interactive voice response system or through the internet, or other similar means in accepting credit or debit card payments, or any other fee to the customer for the convenience of handling an alternative payment method.
- “Transaction cost” is a charge for the use of an alterative payment method by the card issuer or financial institution. It may be a flat per-transaction fee or a discount absorbed by the party receiving payment.
Date Passed: Monday, May 7, 2007 Effective Date: Wednesday, June 20, 2007 Recodification ORD C34024 Section 1 |
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